06222017 business

business@tribunemedia.net

THURSDAY, JUNE 22, 2017

$4.15 CARIBBEAN BOTTLING’S $500K INVESTMENT HIT BY TARIFF SLASH

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CARIBBEAN Bottling’s $500,000 investment in the July launch of a new juice drink line has been jeopardised by the Government’s Budget tariff cuts, its top executive said yesterday.

Walter Wells, its president and chief executive, told Tribune Business that while the last-minute tariff revision announced on Tuesday evening was “better than it being zero”, manufacturers like himself required continued policy support.

The Minnis administration, following push back from Caribbean Bottling and other local juice drink manufacturers, made a partial retreat from plans to eliminate the 60 per cent duty rate on imports. It instead sought a ‘happy medium’ by cutting the rate in half to 30 per cent.

Mr Wells emphasised

Duty cut 50% ahead of July launch New 30% rate ‘better than being zero’ ‘Unique challenges’ require policy support that the Bahamas had to decide whether it wanted to support local manufacturers, and the hundreds of jobs they provide, given the “unique challenges” they faced in comparison to foreign rivals.

Describing Caribbean Bottling’s plant as being “as efficient and modern as any in the world”, Mr Wells explained that the Bahamas’ relatively high cost base and small market were ever-present obstacles to competing on a ‘level playing field’ with foreign competitors who enjoyed See PG B12

$32m insurance payout prospects ‘almost zero’

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE former Christie administration ceased paying the annual $900,000 premium to the Caribbean Catastrophe Risk Insurance Facility (CCRIF) after it was advised that the likelihood of ever receiving a payout was “almost zero”.

Sources close to the former government yesterday pushed back hard against assertions by Prime Minister, Dr Hubert Minnis, that its decision had cost the Bahamas a $32 million payout from the facility that was set up to assist Caribbean nations with disaster recovery.

Michael Halkitis, former minister of state for finance, declined to comment on the issue yesterday, saying that Opposition leader, See PG B12

Christie Govt hits back at Minnis claim

$4.20

$4.27

$4.27

Economy ‘floundering’ as no State Sector Act

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas’ economic growth will continue to “flounder” unless it passes a State Sectors Act to combat recently-disclosed public spending controversies, a governance reformer warned yesterday.

Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business that “a massive shift” in the Bahamas’ governance culture, and the way it does business, is required to restore private sector and investor confidence.

He described multi-million dollar allegations of

Governance culture needs ‘massive shift’ Quality investors scared off by bid woes Contract controversies ‘absolute joke’ ROBERT MYERS

waste, cronyism and mismanagement under the former Christie administration as “an absolute joke and embarrassing”, given that such behaviour was a significant reason why the Bahamas is in its current

fiscal crisis.

“What one can say without a doubt is that there was a tremendous lack of responsibility on the part of the previous administration with regard to spending that would keep the country

from further downgrades and fiscal problems. That I can say quite comfortably,” Mr Myers told this newspaper, declining to comment on each individual controversy.

“It sickens you across the board. That lack of responsibility is completely unacceptable. Therein lies the necessity, the screaming necessity, for a State Sectors Act.” Mr Myers said such legislation would both make the civil service more accountable for its action and prevent “the political interference” that has undermined the proper functioning of almost every government ministry, See PG B7

Aquapure fears 20-30% juice drink share slash

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN Aquapure executive yesterday estimated its Tampico fruit punch will suffer a 20-30 per cent market share loss from the Government’s revised tariff cuts, but agreed: “It’s not as bad as it could have been.”

Geoffrey Knowles, Aquapure’s operations manag-

er, told Tribune Business that the company could have seen its market share slashed by up to 70 per cent had the Minnis administration persisted with plans to eliminate the 60 per cent tariff on fruit juice drink imports.

The Government partially reversed that proposal on Tuesday night, opting instead to cut the tariff in half to 30 per cent - a level where

Mr Knowles said Aquapure would “still lose our price advantage” with Tampico.

He emphasised that Aquapure was not interested in protectionism, but instead wanted government help to compete “on a level playing field” with foreign rivals who enjoyed much lower cost bases and greater economies of scale.

The Aquapure operations See PG B6

But ‘not as bad as it could have been’ Loss would be 70% if tariff eliminated Water sales rose 1012% after tariff rose

Say: Take CCRIF letter with ‘grain of salt’

PRIME MINISTER DR HUBERT MINNIS

MILLER PRAISES REVERSAL OF ‘UNCONSCIONABLE’ PAINT CUT

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER Cabinet Minister yesterday praised the Government for reversing the “unconscionable” tariff reduction on imported paints, arguing that ‘WTO’ could not be used to justify actions that undermined Bahamian manufacturers.

Leslie Miller, ex-trade and industry minister, told Tribune Business that the Government “should not be seen promoting foreign entities over Bahamian entities” after it decided to leave the duty rate on im-

Says WTO can’t justify duty reductions Ex-MP takes ‘gravest exception’ Minister: Tariffs ‘can’t last much longer’ ported paints at 45 per cent.

Mr Miller, himself a paint manufacturer and supplier through Sunburst Paints, revealed he had See PG B13

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PAGE 2, Thursday, June 22, 2017

THE TRIBUNE

THE 10-STEP PLAN TO FIGHT CYBER RISK

RIGOROUS IT security assessments should be performed by specialists. They can give you a head start towards understanding your company’s capabilities for managing and mitigating the ever-present risk that cyber threats pose today.

We believe that exploring cyber threat risks with your executive team can yield value beyond helping you improve governance over this area alone. It can also give you the opportunity to build a more productive dialogue with executives

about IT risk management in general. We encourage you to use these discussions with management both as a way to strengthen your company’s cyber threat risk management practices, and as a springboard to greater engagement with them on

all aspects of IT risk.

potential impact on your company.

2. Recognise that risk intelligence is as valuable as traditional business intelligence.

3. Hold a C-level executive accountable for cyber threat risk management.

4. Provide sufficient resources for the company’s cyber threat risk management efforts.

5. Require management to make regular (quarterly) substantive reports on the company’s top cyber threat risk management priorities.

6. Expect executives to establish continuous monitoring methods that can help the company predict and prevent - cyber-threatrelated issues.

7. Require internal audit to evaluate cyber threat risk management effectiveness as part of its quarterly reviews.

8. Expect executives to track and report metrics

Ten steps toward more effective cyber threat risk governance 1. Stay informed about cyber threats and their

The Art of Graphix

BY DEIDRE M BASTIAN

that quantify the business impact of cyber threat risk management efforts.

9. Monitor current and potential cyber security-related legislation and regulations.

10. Recognise that effective cyber threat risk management can give your company more confidence See PG B5

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www.ub.edu.bs

Congratulates University of The Bahamas

its faculty, student and alumni who have been elected and appointed to serve in the Parliament of The Bahamas. We are extremely proud of you.

Hon. Mark Humes,

MP Fort Charlotte, Assistant Professor, English Studies

Hon. Reece Chipman, MP Centreville, ‘87

Hon. Romauld Ferreira,

House Speaker MP Nassau Village, ‘99

MP Long Island, ‘05

Hon. Michael Pintard, MP Marco City, ‘85

Senator Hon. Ranard Henfield ‘99

MP Bain & Grants Town, UB Student

Hon. Adrian Gibson,

MP Marathon, ‘85

Hon. Halson Moultrie,

Hon. Travis Robinson,

Associate Professor Education

Hon. Darren Henfield, MP North Abaco, ‘09

Hon. Donald Saunders, MP Tall Pines, ‘94

Senator Hon. Jasmin Turner-Dareus ‘04

Senator Hon. Jennifer Isaacs-Dotson

Hon. Ellsworth Johnson, MP Yamacraw, ‘96

Hon. Chester Cooper,

MP Exumas & Ragged Island, ‘96

Senator Hon. Jobeth Coleby-Davis ‘06

Hon. Iram Lewis,

MP Central Grand Bahama, ‘96

Hon. Picewell Forbes, MP Mangrove Cay & South Andros, ‘80

Senator Hon. Michael Darville ‘78

THE TRIBUNE

Thursday, June 22, 2017, PAGE 3

Ministry plans electronic Govt ‘gives no favours’ building permit process over duty rate revision

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE Ministry of Works plans to introduce an electronic processing solution to enhance the efficiency and security of building permit applications, which generated just under $1.3 million in revenues for the Government last year.

Desmond Bannister, minister of works, said this represented an increase of almost 40.3 per cent yearover-year. “It is common knowledge that the approval process for construction is cumbersome, labour-intensive, and needlessly expensive to the customer,” he said during his contribution to the 2017-2018 Budget debate.

“Currently, an applicant has to submit several copies of a plan – each to go to various agencies of Government for consideration, wasting time for circulation and money for printing.

“To address these challenges, my Ministry will introduce an electronic plan-

processing solution with the capability to greatly impact and enhance the efficiency and security of the processing of building permit applications. The software tool will have tremendous impact on improving the efficiency and access to individual file data to both the administration and the public.”

Mr Bannister also invited stakeholders to participate in the drafting of regulations for the Construction Contractors Act. “Shortly thereafter, stakeholders will be contacted for collaboration to appoint the Construction Contractors Board,” he added.

“When this Inaugural Board begins its function, we bear in mind that contractors will have two years to do what is necessary to qualify for registration. This legislation is absolutely necessary to protect consumers against illegal, improper or unethical construction contracting practices, and we shall work closely with our stakeholders to enforce its provisions.”

Mr Bannister recently told Tribune Business he

wants a Construction Contractors Act that “makes sense and is enforceable”, pledging that he will not be rushed into giving the legislation full effect.

He added that he wanted to make sure there were no outstanding issues or problems with the Act before the Government gave it full force. Mr Bannister added that the Minnis administration also wanted to meet with contractors to ensure their concerns were addressed, explaining that it was better to make changes now rather than after the Act had become law.

“Over the next fiscal period, my Ministry will continue work on the Construction Contractors Lien Bill, which will, among other things, protect professionals from the risk of not being paid for services rendered.

Too often, particularly subcontractors, are left with no avenue to claim against a property after supplying labour or materials for work on that property. This legislative proposal provides a remedy,” said Mr Bannister.

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

A BAHAMIAN juice drink manufacturer yesterday said “government hasn’t done us any favours” despite partially reversing its decision to eliminate the 60 per cent tariff on rival imports.

Mervin Sweeting, Switcha Bahamas’ chief executive, told that Tribune Business that the tariff rate’s slash to 30 per cent should have been accompanied with the introduction of incentives for local manufacturers.

He suggested that the Government look at reducing electricity costs for Bahamian manufacturers; eliminating Business

License fees or allowing it to be calculated on net revenues; or allowing the sector to bring in bonded vehicles.

“In essence they didn’t do us any favours,” Mr Sweeting said. “The challenge is, even if they decide to drop it, they should at least have something to help the local manufacturers in terms of incentives.

“If you are going to give foreign brands incentives by dropping the duty, the question is what are you going to do for Bahamians to be competitive. If the duty is only reduced 1 per cent it has to be reciprocated for manufacturers. You’re still effectively giving power to the foreign brands. It’s still unfair in any event.”

Mr Sweeting, whose company employs 20 peo-

ple, added: “We’re still growing. We have a lot of growth to do. We have made significant investments in our manufacturing process and the company as a whole.

“The Government has to be wary on discouraging manufacturers. At some point in time it is just going to be easier to set up shop in Miami and import it. All I’m saying right now is that there has to be a trade-off.

We can’t say thank you for that.”

K Peter Turnquest, minister of finance, confirmed yesterday that the Minnis administration had decided against a complete elimination of the 60 per cent tariff on imported fruit drinks, and slashed it to 30 per cent, while maintaining See PG B6

NASTAC CONGRATULATES SERIES 7 GRADUATE NATALEE Dias can apply for registration as a broker after passing the Series 7 exam administered by the New York Stock Exchange (NYSE) and The National Association of Securities Dealers (NASD).

Ms Dias trained with the Bahamas-based Nastac Group, known as the National Association of Securities Training and Compliance.

Ms Dias is pictured with the Nastac Group’s principal, Reece Chipman, who is now the Centreville MP

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PAGE 4, Thursday, June 22, 2017

THE TRIBUNE

Billionaire to present at customer seminar Organic beauty

AN African-American billionaire will be the featured presenter at an upcoming Customer Experience Summit at the British Colonial Hilton.

Michael V. Roberts senior, chairman and chief executive of The Roberts Companies, will headline the event being organised by Spence Finlayson, Bishop of Motivation and Bahamian corporate trainer, for the second time.

Mr Finlayson, who is celebrating 30 years in business, is the founder and chief executive of The Phoenix Institute For Positive Development & Empowerment. He has conducted seminars and workshops in 22 foreign countries.

Mr Roberts’ business group features real estate development, television broadcasting, wireless communications, broadcast towers, aviation, hotel and theatre ownership and management consulting.

He has been featured on CNN, Fox and MSNBC, and in numerous newspapers and magazines such as Forbes, Success, Business Week, Commerce and Black Enterprise.

Mr Finlayson said: “Companies that make customer experience a priority generate significantly higher profits than their competitors.”

The Customer Experience Summit is a full-day session on Friday, June 30. It starts at 9 am and ends at 3pm.

HOUSE GOP REVIVING EFFORT TO PRIVATIZE AIR TRAFFIC CONTROL

By KEVIN FREKING Associated Press

NEW YORK (AP) — With a boost from President Donald Trump, House Republicans are reviving efforts to shift responsibility for the nation’s air traffic control operations to a private, nonprofit corporation.

Republican Rep. Bill Shuster, the chairman of the House Transportation and Infrastructure Committee, said Wednesday the committee will consider his legislation next week. He expects the full House to vote on the bill in mid-July.

A similar effort to move air traffic control operations out of the Federal Aviation Administration

faltered in the last Congress. The proposal faces opposition from Democrats and some Republicans in the Senate.

Shuster said his new effort broadens participation on the 13-seat board of directors that will run the new corporation, so no one can claim that any particular group will dominate the panel. Shuster emphasized that board members would have a fiduciary duty to the company, regardless of which stakeholder group they represent.

“Their No. 1 priority has to be the success of this corporation,” Shuster said.

About 35,000 workers, including 14,000 controllers and 6,000 technicians,

would be affected by moving air traffic control operations out of the FAA. The agency would still be responsible for ensuring aviation safety.

Shuster’s proposal must overcome concerns from many rural lawmakers.

Sen. Jerry Moran, R-Kan., said at a recent hearing that privatization would hurt “all but our largest airports nationwide,” while removing needed congressional oversight and raising costs for consumers.

Addressing concerns from lawmakers in rural states and districts, Shuster said his bill would protect funding for small and medium-sized airports. He also said the bill creates a

remote air traffic control pilot program. Such towers rely on controllers who are off-site and monitor cameras and communications from afar. Remote towers are likely to first go into use at small and medium airports.

“I’m not about to go and hurt the rural airports,” said Shuster.

Earlier this month, Trump endorsed a proposal to privatize air traffic control, saying, “Our air traffic control system is stuck, painfully, in the past.”

Shuster said he believes Trump’s support could make a difference, particularly in the Senate. “When there’s presidential leadership on any issue, you get members of Congress to engage,” he said. Shuster is selling his proposal as a way to ease congestion at airports and reduced flying time for passengers without compromising safety.

supplier eyes ‘Portal’ to exports

A BAHAMIAN manufacturer of natural, organic beauty products is aiming to target the export market via the newly-launched Trade Infomation Portal.

Simply Natural and its owner, Keisha Moss, who also produces handmade cosmetics, registered on the Portal this month.

“This is a great way to get your business international and allow others to see what the Bahamas and small businesses have to offer,” said Ms Moss.

Simply Natural’s products include: Mint Almond Oil, Jamaican Black Castor Oil, Whipped Shea Butter and Coffee Coconut Body Scrub.

It is targeting a global organic personal care market forecast to generate $15.98 billion in annual revenues by 2020.

Launched in April 2017, the Bahamas Trade Information Portal is an online ‘one-stop shop’ that enables small, medium and large businesses that export, or wish to export, to showcase their products and serviced to international buyers.

Businesses that register with the Portal are provided with an individual miniwebpage that lays out their company profile, along with product photos and videos.

The mini-webpage also includes a contact form so

that international buyers can contact them directly.

The Bahamas Trade Information Portal also provides entrepreneurs with access to international business and trade data that can assist them with foreign market opportunities, while offering free online courses on marketing; how to access sources of financing; how to create an export strategy; and how to generate export business.

Charo Walker, the Trade Portal’s manager, said: “The Portal is an incredible resource for businesses that want to take advantage of the rewards that global trade offers. It helps businesses that may not yet be ready to export become export ready.

“For those companies that are exporting, the Portal showcases the goods and services that they offer.

The registration process is very simple and there is no cost involved in registering.

The objective is to grow the economy and I would like to encourage the business community to capitalise on this opportunity.”

The Portal is the result of a public-private partnership (PPP) between the Ministry of Financial Services, Trade and Industry and Immigration, and the Bahamas Chamber of Commerce and Employers Confederation (BCCEC).

CAREER OPPORTUNITY Career opportunities are available for ambitious career-oriented individuals at a mid size hotel. We are inviting experienced persons to apply for the following positions:

SECURITY OFFICER

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Assist with any investigations involving guests and employees, prepare accurate reports and follow up action plans.

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THE TRIBUNE

Thursday, June 22, 2017, PAGE 5

Atlantis adds Harbour Island ‘icon’ to Cove

GRILLED octopus on greens with lemon-feta vinaigrette. Photo/ COOKIE KINKEAD

ICONIC Harbour Island restaurant, Sip Sip, will open its first outpost location at Atlantis’s The Cove property this November as part of the resort’s efforts to offer a more authentic Bahamian experience.

Bahamian chef, Julie Lightbourn, will bring her ‘Caribterranean’ menu – ‘Bahamian but with a twist’ – to The Cove’s redesigned poolscape with two restaurants. One will be located poolside, and the other on the Paradise Island beach.

To enhance the dining experience, and replicate Sip Sip Harbour Island and its sea-facing deck, Bahamian architect, Mark Henderson, has partnered with Jeffrey Beers to design the dining terrace and beachfront deck.

A no-reservations lunch spot on Harbour Island, Sip Sip has developed a reputation for its barefoot Bahamian feel and welcoming environment over the past 15 years. Staying true to its original vision and design, The Cove outlet will use locally-sourced seasonal ingredients. It is committed to supporting Bahamian culinary traditions by working directly with local fishermen and farmers.

Chef Lightbourn said: “My husband and I dreamed of having a place that was true to Harbour Island’s legacy of friendly hospitality; a place where locals and tourists would come for a home-grown, Bahamian-

inspired meal and the perfect rum punch.

“We are absolutely thrilled to be partnering with The Cove to bring the spirit and tastes of Sip Sip Harbour Island to Paradise Island.”

She added: “It’s even more exciting that the resort wants to capture our openair, laid-back vibe, feature Bahamian artwork, and the new beach deck overlooking The Cove’s lovely beach and the turquoise water will be the icing on the cake.”

The name ‘Sip Sip’ is a play on words that takes guests from thoughts of sipping tropical cocktails to the discovery that sip sip is Bahamian slang for ‘gossip’.

The design team will bring the restaurant’s tropical colours and fun, beachy feel together with intimate, locally-inspired design, genuine Family Island hospitality, the spirit of Bahamian architecture and locally-sourced, home-grown food.

The new bars at Sip Sip Paradise Island will incorporate elements of the original, using Sip Sip’s trademark green and blue colours, traditional white louvers and director chairs.

The patio restaurant and bar will translate the essence of the Bahamas throughout its outdoor dining area, where Mr Henderson will use white wood shutters, mahogany bar tops and art made from buoys salvaged from Bahamian beaches. As Sip Sip has long supported local artists and shown their works in the restaurant, new

Project Manager/Site Supervisor The position is open to candidates with the following qualifications:

“Salsa-ing” the lobster quesadilla. Photo/ROLAND ROSE

The 10-step plan to fight cyber risk From pg B2 to take certain “rewarded” risks for new value.

• NB: The information in this article is based on a collection of Deloitte & Touche ‘white papers’ and statistics collected from Ponemon Institute, a company that conducts research on privacy, data protection and information security policy. For more information on Deloitte Bahamas Risk Advisory Services’ cyber security offering, contact Law-

rence Lewis, risk advisory services partner, at 1(242) 302-4898 or llewis@ deloitte.com, or Shavonne Smith, senior risk advisory services consultant, at 1(242)302-4880 or shasmith@deloitte.com.

Ms Smith holds a Master of Science (MSc) degree from Capitol College in Baltimore, Maryland, and specialises in information assurance and network security. She also holds the CISA designation (Certified Information Systems Auditor), and several Microsoft certifications.

pieces from many of these same artists will be incorporated into the design.

The menu will feature favourites such as the Spicy Conch Chili and Curried Chicken Salad, the Lobster Quesadilla, and the Sunday special, ‘Boil’ Fish with homemade johnnycake.

Dishes featuring limited fresh or seasonal ingredients - from Bahamian-grown arugula and heirloom tomatoes, to pineapples and mangoes - will be on the blackboard menu and will change daily.

New, exclusive recipes have been created just for The Cove, while popular ‘sips’ will include the signature Sip Sip Rum Punch, Sip Sip Sky Juice, a trio of Sip Sip Margaritas, Passion Fruit Sangria and the Watermelon-Vodka Cooler.

The famous Sip Sip Carrot

Cake with Ginger Caramel will also be served, along with homemade ice creams and Fresh Coconut Cream Cheesecake.

Howard C. Karawan, president and managing director of The Cove and Atlantis, said: “When conceptualising our new ‘Come to Life’ vision, with the intention of supporting and bringing out the authentic Bahamian culture, we sought out Chef Julie to instill the spirit of the surrounding Family Islands to our resort in Paradise Island.

“Sip Sip is the perfect addition to The Cove, and we are looking forward to bringing Julie’s delicious and inspired local cuisine to our guests.”

Initially opening for lunch only, Sip Sip will expand into evening private cabana dining.

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THE BAHAMAS SOCIETY OF ENGINEERS MONTHLY LUNCHEON SEMINAR WEDNESDAY, JUNE 28th, 2017 AT LUCIANO’S OF CHICAGO, EAST BAY STREET 12:00 PM - 1:00 PM

Bachelors Degree in Engineering, Construction Management or related studies.

Minimum of 5 years professional experience.

Must have some project management experience.

Proficient in Microsoft Word, Excel, Project and AutoCAD.

Topic: Re-Imagining the Built Environment

PerSonal attributeS Must be able to lead in planning and implementation of projects Must be able to perform engineering duties Must be able to oversee construction and maintenance of building structures and facilities Must ensure that construction standards are met.

Must be a “problem solver” with an eye for detail Must have ability to identify priorities, meet deadlines in a timely manner Provide direction and support to project team Must possess good communication skills Must be able to multi-task.

Moderated by: Mr. Michael Diggiss, MDA

All interested applicants should email to: apexpavers@gmail.com.

in the Bahamas

A ROUND TABLE DISCUSSION WITH ENGINEERS, ARCHITECTS, CONTRACTORS & ADDITIONAL STAKEHOLDERS OF THE BUILT ENVIRONMENT

Please RSVP your attendance by Tuesday, June 27th, 2017 to: E-mail: admin@bahamasengineers.org Phone: (242) 552-7312 Note: This seminar is FREE and open to members and the public. However, seating is limited. Your RSVP is advised. Lunch is optional and available from Luciano’s at attendee cost.

N.B. Lunch prices will be inclusive of VAT and gratuity costs.

For more information contact: P.O. Box N-7380, Nassau, Bahamas Telephone Contact: (242) 552-7312 Email Address: admin@bahamasengineers.org Website: www.bahamasengineers.org

PAGE 6, Thursday, June 22, 2017

Govt ‘gives no favours’ over duty rate revision From pg B3

the 45 per cent tariff on imported paint.

“We decided that we want to give the manufacturers some time to adjust their business model, and we decided rather than make imported fruit drinks duty free we meet them half-way, and reduced the rate to 30 per cent from 60 per cent,” he explained.

“On the paint, we left it as it was at 45 per cent in the hopes this will give them the protection they need for another year to

refine their processes, bring their costs down and look at other ways to increase market share.

“Right now, locally manufactured paint is less than 5 per cent of the market.

That’s a problem, and we are placing the burden on the public to support one manufacturer that is not improving on or increasing its market share. Over the next year, we will look at how we can help them to be more competitive, improve their processes and increase market share.”

NOTICE

NOTICE is hereby given that HENRY CLAUDE LOUIDOR of 4th Street Coconut Grove, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd Day of June, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Aquapure fears 20-30% juice drink share slash From pg B1 manager cited water as an example of how government taxation policies could benefit Bahamian manufacturers, with the duty increase to 100 per cent under the former Christie administration enabling its one-gallon and bottled water products to enjoy a 10-12 per cent sales rise.

Mr Knowles said the manufacturer was using a market study it conducted 18 months ago to determine what the tariff reduction to 30 per cent meant for it, and added: “We know we’re going to lose sales.”

He said Tampico’s main foreign competitor, Sunny Delight, was selling especially well with the smaller food store chains, such as Budget and John Chea, who were buying in bulk from south Florida wholesalers and able to enjoy significant price discounts.

“We are significantly down compared to Sunny Delight [at those stores],” Mr Knowles said. “Price wise it’s [Sunny Delight]

good right now, and if they take the duty off by 30 percentage points, there will be at least a 15 per cent decrease in price for them.

“If they pass it on to the consumers, we will lose our advantage. That will definitely be a concern to us, and I think we will lose market share.

“It will not be as great as if they took the 60 per cent off completely; then our market share drops by 70 per cent. Now, maybe, it will drop 20-30 per cent of the market. It’s still not good.”

Mr Knowles said Aquapure was trying to sell Tampico into the Family Islands, but uncompetitive shipping costs from Nassau - the Florida to Freeport route being much less expensive - meant it was losing out to imported products in Grand Bahama.

He added that the tariff rate reduction would be most keenly felt in Nassau, Aquapure’s largest Tampico market, and said: “We’re grateful it remains at 30 per cent, but it’s still going to

have an effect and probably substantial.”

Mr Knowles said the opposite had happened to Aquapure’s one-gallon and bottled water products when the tariff on imports was increased, rather than decreased, from 60 per cent to 100 per cent.

“This all started off with WTO, when we fought for an increase from 60 per cent to 100 per cent,” he recalled to Tribune Business. “It was not a significant increase in sales for our business, but it was still a very good one.

“We saw sales, especially in the small packaged water, probably increase by at least 10 per cent. We still have bottled water here from the US, like Nestle, but we’re on the shelves in Super Value and the gas stations. Our water is able to compete with that, and we probably saw a 10-12 per cent increase.

“On the juice drinks side, I think it’s now going to be a 20-30 per cent decrease; not as bad as it could have been.”

K P Turnquest, the minister of finance, yesterday told Tribune Business that the Government had selected the 30 per cent tariff rate for

NOTICE

NOTICE is hereby given that DIANIE LIMAGE-FRANCOIS of #3B Gordon Avenue, Freeport, Grand Bahama, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd Day of June, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

juice drink imports “to be consistent with Gatorade” and other drink products.

“That is to give both local manufacturers, having recently entered this market, time to get established and bring their costs into line,” he said (see articles on Page !B and 3B).

Mr Knowles, meanwhile, lamented that manufacturers such as Aquapure had to cope with policy changes every five years when the Government changed.

“Let’s put it this way: It was a shock,” he told Tribune Business upon hearing the Government’s original proposal. “It’s always a moving target in this business. Every time a new government comes in, we get shaken up. Manufacturing is such an important part of our economy, small as it is.”

Mr Knowles said he was “interested to see” how the Government planned to ‘level the playing field’ for Bahamian manufacturers versus their imported rivals, given that Aquapure currently paid $75,000 per month for electricity alone.

Pointing out that a $25,000 reduction to that bill would be significant, he added: “That’s what we want. We don’t want protection. I don’t like to see it as a protection issue. We want a level playing field.”

Mr Knowles pointed out that while Aquapure and other Bahamian manufacturers were catering to a 350,000-strong market, their US-based rivals served millions, thereby giving them the advantage of greater economies of scale.

CALL 502-2394 TO ADVERTISE RBC Royal Bank (Bahamas) Limited is presently considering applications for:

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What will you do?

• Ensure campaigns are executed locally according to Caribbean regional marketing and brand calendar for all business lines • Manage inventory of all signage and brand collateral to enhance the clients’ experience • Coordinate activities relating to offsite promotions, trade shows and business expositions • Coordinate local focus groups as required • Provide regular industry-related information including any regulatory changes that may impact local operations • Lead donations and sponsorships process to ensure compliance with corporate strategy • Ensure that budgets are managed and expenses tracked. Prepare budget reconciliation reports and explain any budget variances in a timely manner

What do you need to succeed?

Must-have • Undergraduate degree in Marketing or Social Sciences or equivalent education/training • Minimum 2 years advertising and market research required • Working knowledge of delivery channel management principles and technologies • Sound analytical & research skills • Expert working knowledge of Microsoft Office –Word, Excel, PowerPoint • Very strong planning, organizational, and communication skills • Results-oriented, strategic thinker Nice-to-have • Experience in digital marketing • Marketing experience within the Financial Services sector

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• A comprehensive Total Rewards Program of flexible benefits, and pension options • World-class training programs and career development opportunities • The advantage of working with a dynamic, collaborative, and high-performing team where initiative and hard work are recognized and rewarded • Flexible work/life balance options • Opportunities to do challenging work Interested persons are to submit their resume to the following email address by June 28, 2017: ttrecruitmentjobpostings@rbc.com

www.rbcroyalbank.com/caribbean ® Registered trademark of Royal Bank of Canada ™ The Lion & Globe symbol and RBC are trademarks of Royal Bank of Canada

THE TRIBUNE

Thursday, June 22, 2017, PAGE 7

Economy ‘floundering’ as no State Sector Act From pg B1

department and agency.

He explained that a State Sectors Act would separate the political leadership from the civil service in a manner similar to the private sector, where company Boards and management have clearly defined boundaries and responsibilities.

The ORG principal said that in the private sector, “the Board doesn’t meddle in the operations of the company” - unlike in many Bahamian government ministries and departments.

“A State Sectors Act provides accountability at the civil service level,” Mr Myers said. “It creates accountability, holds their feet to the fire, and they’re held accountable for productivity and integrity.

“That is exactly why New Zealand passed the State Sectors Act, and a number of other Acts, to remove this political interference that has absolutely undermined the [Bahamian] public service and ministries.

“The State Sectors Act is to stop this nonsense happening again. It we don’t start getting ahead of these problems, we’re as dumb as the people committing this irresponsible behaviour.”

The 2017-2018 Budget debate has seen the newlyelected Minnis administration cite numerous examples of alleged cronyism, nepotism and mismanagement in the awarding of government contracts, which they claim has cost taxpayers millions of dollars and exacerbated the Bahamas’ fiscal woes.

Desmond Bannister, minister of works, revealed how the $6.5 million construction contract for the new Lowe Sound Primary School was given to three “inexperienced” persons, with the Christie administration ignoring warnings from Ministry of Works officials that this endangered the project’s success.

Mr Bannister said one

had never been involved in construction, while the other two were a plumber and someone who had only worked on much smaller construction projects.

He added that all three, whom he described as Progressive Liberal Party (PLP) supporters, had initially submitted individual bids that were all rejected.

However, the Christie administration told them to work together as a team and awarded the trio a contract, under the supervision of a contractor “who had not finished the last big job he received from the Government”.

Mr Myers said this epitomised why the Bahamas needed a State Sectors Act, describing the Lowe Sound situation as “obscene”.

He added: “What we’ve got to stop is ministers who don’t necessarily have experience in any particular area for which they provide oversight from meddling.

“What are we hiring people in the Ministry to do due diligence for if they’re going to be ignored? Send them home, or let them do their job and hold them accountable.”

Mr Myers told Tribune Business that the contract allegations also highlighted the need for the Bahamas to introduce a Whistleblowers Act, which would protect civil servants who discloses wrongdoing from retribution.

“What’s really disgusting, and at the public’s expense, is that public servants watched these acts and did not say anything until it was too late,” he added.

“In my mind, they’re complicit. You serve the public; you must say something.

That’s what a State Sectors Act must provide. You must make the public sector accountable, just like the private sector is accountable for certain things.”

Mr Bannister also highlighted wasteful, unnecessary spending on the Bahamas Agricultural and Marine Science Institute

(BAMSI) construction, along with questionable contract awards on Grand Bahama.

He was followed by the Prime Minister, who said multi-million dollar ‘no bid’ contracts were awarded by Bahamas Power & Light (BPL) to a customs broker owned by the father of former education minister, Jerome Fitzgerald, and a firm where the PLP’s chairman emeritus, Errington ‘Minky’ Isaacs, was a director.

Mr Myers said the latter claims further exposed the need for the Minnis administration’s promised public procurement reforms, and “an open, fair and transparent bidding process that has no bias, nepotism, cronyism and corruption. We have to put these laws in place”.

The Public Treasury has consistently been used to reward supporters of whichever party is in government, but this ‘culture’ has prevented Bahamian taxpayers from receiving ‘value for money’ and led to immense wastage - in the hundreds of millions of dollars - going back almost five decades.

With the Bahamas stuck in a low growth, high unemployment trap, and with $300 million-plus annual fiscal deficits continuing to add to the $7 billion-plus national debt, the persistence of such practices now threatens to sink this country.

Mr Myers told Tribune Business that the public exposure of such practices was scaring bona fide investors away from the Bahamas, and areas such as energy reform “where we desperately need help because the former government made such a shambles of the bid process”.

Suggesting the failed tenders for BEC and the landfill were “an embarrassment”, he added: “When you get good bidders who have heard the horror stories, they’re going to say they’re not going to waste time with that.

“It’s an absolute joke and embarrassment. The best people are warned off.”

A SUCCESSFUL FINANCIAL INSTITUTION Is seeking to fill the position of

SENIOR SALES ASSOCIATE Duties include but are not limited to: • • • • • •

Achievement of agreed targets/objectives in defined territory, which are set by your direct Manager.

Sales Performance (converting warm/hot leads into funded accounts).

Managing multiple client communication channels (inbound & outbound calls; email; live chat).

Maintaining relationship building with customers throughout the life of the accounts forcing crossselling.

Full training for company’s products, manuals and policies which will help to pitch clients and overcome objections and close the sale.

Building detailed client profiles including, but not limited to, information related to the client and their interaction with the firm to determine their interests and risks, funding and refunding patterns, and any information designed to assist compliance in the approval and relationship of client accounts.

Requirements of a successful Sales Associate: • • • • •

Very comfortable making calls and extraordinary email selling skills.

Must be attentive with the ability to multi-task and manage multiple client communication channels.

Bachelor’s degree in Finance or Business Management a plus.

Two to four years’ experience in sales, financial services, or tech environment.

Native English, other languages a plus.

Mr Myers added of the Bahamas’ governance and accountability flaws: “That’s why we see GDP floundering. We can’t get GDP up because people

have lost confidence in our ability to do things properly.

“If we want to succeed, it’s going to take everybody’s effort to change the culture and see that we actually walk the walk, not

just talk the talk.”

He praised the Minnis administration for saying the right things during its first few weeks in office, but warned: “The proof will be in the pudding.”

FOCOL HOLDINGS LTD. PREFERRED DIVIDEND PAYMENT FOCOL is pleased to announce a

dividend payment to all holders of CLASS ‘A’ and ‘C’ preference shares as of June 30, 2017 payable within ten business days of the record date through THE BAHAMAS CENTRAL SECURITIES DEPOSITORY.

Interested candidates should forward their resumes to:

hiring@stockusainc.com

“Fuelling Growth For People”

PAGE 12, Thursday, June 22, 2017

THE TRIBUNE

$32m insurance payout prospects ‘almost zero’ From pg B1 Philip Davis, was expected to address the issue at a press conference today.

But, following Hurricane Matthew’s passage last year, Mr Halkitis said the then-government had ceased the annual premium payments because the Bahamas would only have received compensation in the event of a Category Five hurricane.

Matthew came through the Bahamas as a Category Three/Four storm, and Mr Halkitis said the Christie administration had decided to drop CCRIF participation and establish its own disaster fund as “the threshold was just too high”.

A source familiar with

the matter told Tribune Business yesterday, however, that the decision to discontinue paying CCRIF premiums was taken following advice to the Government from a local technical committee.

“We have been a part of this thing for 20 years, and could never get a claim,” they said. “Our information was that the likelihood of us getting a claim was almost zero.

“A committee had been put together comprised of persons from the Met Office, Ministry of Finance and other agencies. They submitted a report suggesting that the Government drop it.

“After Hurricane Mat-

Caribbean Bottling’s $500k investment hit by tariff slash From pg B1 greater economies of scale.

He argued that raising the World Trade Organisation (WTO), and the Bahamas’ entry into liberalised, rules-based trading regimes as justification for the tariff reductions was ‘a red herring’ designed to distract from the real issue - creating a policy framework to enable local manufacturers to be competitive.

Mr Wells pointed out that all WTO members, including the likes of the US and Canada, imposed protec-

tionist measures to safeguard certain industries, and the Bahamas had the ability to likewise.

Revealing that there had been no consultation or warning from the Government over the proposed juice drink tariff elimination, the Caribbean Bottling chief disclosed that it would have had an immediate negative impact on his expansion plans.

“We are launching what we call Fruit Coolers next month,” he told Tribune Business. “Minute Maid Fruit Coolers; four flavours.

thew, the guys from the CCRIF commented on what would have happened if the Bahamas had kept it.

That was taken with a grain of salt. It was almost impossible for us to have gotten anything.”

This, though, stands in sharp contrast to the May 31, 2017, letter from CCRIF’s chief executive, which said the Bahamas stood to have received a $32 million payout had it continued its membership.

The now-Opposition will now have to justify their decision, and explain why it - and the advice they received - differs so significantly from CCRIF’s position.

Dr Minnis told Parliament on Tuesday that the former administration’s action had resulted in the Bahamas losing out on a $32 million insurance payout, money that was muchneeded in Hurrricane Mat-

thew’s aftermath.

Mr Davis, in response, told Parliament: “My recollection on this issue was that advice was followed with respect to continuing that policy, and the reason for that was because of the archipelagic nature of our islands that losses were not dealt with in that fashion.

“If damages were in Long Island, then they took into account what the damages were on all of the islands to determine what the losses would be. The advice was given in respect to that and that is why the insurance was not continued.”

Dr Minnis, during his 2017-2018 Budget debate communication, read into the record portions of the letter he received from CCRIF’s chief executive.

Dr Minnis told Parliament: “He (the CEO) wrote: ‘We are pleased that the Bahamas has been a member of CCRIF since

its inception in 2007. We are pleased that the Government purchased tropical cyclone (hurricane) policies every year between 2007 and 2014, and also purchased policies for both tropical cyclones and excess rainfall for the 20152016 policy year.

“However, we deeply regret that the Government decided not to renew its CCRIF policies for the 2016-2017 year, resulting in the Bahamas missing out on two CCRIF payouts from Tropical Cyclone Matthew.’”

Dr Minnis added: “I note that the annual policy for this insurance facility was approximately $900,000.

I was shocked by what the CEO of the Caribbean Catastrophe Risk Insurance Facility went on to say in his letter.

“He stated: ‘Based on the registered losses, it means that had the Government

of the Bahamas renewed its tropical cyclone policy for 2016-2017, using the previous year’s policy conditions, the policy would have triggered, resulting in a payout of approximately $31.8 million, equal to the coverage limit’.”

This would have been the single biggest payout, according to the Prime Minister, ever made by CCRIF to any country.

The Bahamas’ excess rainfall policy would also have been triggered, resulting in a payout of $855,874.

Those payouts would have been larger depending on the coverage purchased, Dr Minnis said.

CCRIF made payouts totalling $29.204 million to its other four CCRIF member countries affected by Hurricane Matthew - Haiti, Barbados, Saint Lucia and St Vincent & the Grenadines - within 14 days of the event.

We had already invested around $500,000 to launch this.

“For me, it’s [the tariff cut] a bid deal. I haven’t produced the first can yet, but we expect to be producing by the middle of July.”

Asked about the Government’s partial retreat to a 30 per cent tariff, Mr Wells added: “That, I guess, is better than being zero, but the reality is that every country around the world protects its manufacturing base, the US and Canada included.

“It seems that the US is the country that stands to benefit most from this [reduction] down the road, but it makes it very difficult for local companies to survive.

We can talk about self-sufficiency in manufacturing

and the need to be competitive, but the reality is that US companies do not have the same cost base as manufacturers in the Bahamas.

“There are significant costs we have to pay and cover before we put a single bottle or can on the shelf in the Bahamas.”

Mr Wells said energy costs and reliability; the level of taxation; bureaucracy and ‘red tape’; and the favourable state and federal incentives on offer in the US were all factors that placed Bahamian manufacturers at a disadvantage.

He then questioned reliance on the WTO and rules-based trading regimes as justification for the Government’s desire to reduce or eliminate import tariffs that supported domestic

Bahamian industries.

“It’s a known fact that every country has plans in place to secure its own,” Mr Wells told Tribune Business. “I don’t fully understand how the Bahamas is much better than the US and Canada, who have been in business much longer than we have been.

“If you’re talking about productivity and efficiency, we have manufacturers here that are foreign-owned that are heavily-reliant on the duty regime for their existence.

“It’s not a question of efficiency, as our plant is as efficient and modern as any in the world, but there are challenges that are unique to the Bahamas that require us to have the support.”

Mr Wells said Caribbean Bottling employed 200 persons, and suggested that other manufacturers had

workforces of similar size.

He questioned whether the Bahamas wanted to lose these jobs, and the money locally-produced products kept in the economy, through ill-considered government policy.

Pointing out that all WTO members, including the largest, engaged in protectionism, Mr Wells said he understood that Canada’s tariffs on imported milk were as high as 300 per cent.

“If that is not protectionism, I don’t know what is,” he added. The Caribbean Bottling chief also pointed to the Bahamas’ Caribbean neighbours, all WTO members, who still employed tariff rates of over 100 per cent to protect their manufacturers.

“I don’t think WTO is the issue,” Mr Wells concluded.

NOTICE

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, Akira Frankia Culmer (mother of Akeem Lorenzo Adreil Storr) of Munnings Drive, Westridge South in the Western District, P.O.Box GT-2230, New Providence, Bahamas intend to change my son’s name to AKEEM LORENZO ADREIL CULMER. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE is hereby given that ANNAKAY BUTLER of Kennedy Sub, Zeenia Street, P.O. Box SB-52108, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 15th day of June, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

MARKET REPORT WEDNESDAY, 21 JUNE 2017

t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 1,868.99 | CHG -0.79 | %CHG -0.04 | YTD -69.22 | YTD% -3.57 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.60 4.70 0.13 6.56 8.60 6.10 10.60 14.49 2.72 1.60 6.00 10.00 11.00 10.00 6.90 12.51 11.00

52WK LOW 3.40 17.43 8.19 3.50 1.48 0.12 3.80 8.35 5.70 10.05 10.02 2.18 1.31 5.80 7.55 8.56 7.50 6.35 11.92 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00

52WK LOW 100.00 100.00 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB17 FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.06 3.93 1.95 169.70 141.76 1.49 1.67 1.58 1.10 6.96 8.50 6.30 9.94 11.21 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.43 1.64 1.54 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.22 15.85 9.09 3.60 1.64 0.12 4.05 8.60 6.00 10.50 10.02 2.43 1.56 6.00 9.75 9.00 9.93 6.90 12.50 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 109.16 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.22 15.85 9.09 3.60 1.48 0.12 4.05 8.60 6.00 10.50 10.02 2.42 1.56 6.00 9.75 9.00 9.93 6.90 12.50 10.00

CHANGE 0.00 0.00 0.00 0.00 -0.16 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

109.15 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

VOLUME

2,000

1,000

VOLUME

NAV 2.06 3.93 1.95 168.44 141.76 1.49 1.64 1.58 1.07 6.96 8.50 6.30 9.80 11.13 9.63

EPS$ 0.444 0.932 -0.510 0.383 -1.117 0.000 -0.406 0.587 0.190 0.540 0.570 0.102 0.197 0.753 0.763 0.330 0.830 0.600 0.697 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.570 0.060 0.060 0.290 0.450 0.000 0.340 0.140 0.620 0.000

P/E 9.5 17.0 N/M 9.4 N/M N/M -10.0 14.7 31.6 19.4 17.6 23.7 7.9 8.0 12.8 27.3 12.0 11.5 17.9 0.0

YIELD 1.90% 6.31% 0.00% 5.83% 0.00% 0.00% 2.22% 3.49% 3.67% 3.43% 5.69% 2.48% 3.85% 4.83% 4.62% 0.00% 3.42% 2.03% 4.96% 0.00%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST 7.00% 6.00% Prime + 1.75%

MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022

6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 1.57% 4.52% 0.39% 2.75% 0.77% 2.51% 3.95% 3.95% 6.77% 6.77% 1.45% 4.17% -1.59% 0.17% 0.49% 2.72% 1.29% 2.00% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%

NAV Date 30-Apr-2017 30-Apr-2017 30-Apr-2017 31-Dec-2016 31-Dec-2016 30-Apr-2017 30-Apr-2017 30-Apr-2017 30-Apr-2017 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

THE TRIBUNE

Thursday, June 22, 2017, PAGE 13

Miller praises reversal of ‘unconscionable’ paint cut From pg B1 told Dr Hubert Minnis that the Government was going against its campaign promises to assist Bahamian entrepreneurs after the Prime Minister called him.

“All of us [manufacturers] are struggling and that should never have taken place,” Mr Miller said of the planned paint tariff cut to 25 per cent. “I think he [Dr Minnis] agreed.

“I’m happy the Government took the course it took on behalf of all the manufacturers, including the juice drink manufacturers. We’re not greedy, but deserve an opportunity to live in our country, make a contribution and take care of our families.

“The Government should

not be seen to promote foreign entities over Bahamian entities,” the former minister and MP continued. “It was wrong and unconscionable.

“I congratulate the Prime Minister, and thank God that he took a strong line against those wanting this..... I’m just happy that Dr Minnis is a man of the people for the people.”

K P Turnquest, minister of finance, yesterday warned, though, that the Government could not continue using taxation/tariff policy to protect Bahamian manufacturers “for very much longer”.

He emphasised that the 45 per cent tariff rate on imported paint was protecting just one local manufacturer with a 5 per cent market share, and suggested its

continued imposition was both against Bahamian consumers’ interests and this nation’s commitments to current and future rulesbased trading regimes.

“We decided to leave the duty rate as was with a view to supporting local manufacturers,” Mr Turnquest told Tribune Business on the paint, “but, as I indicated in the House, we fully recognise this kind of protection cannot continue on very much longer given this country’s position in the global market, and its position on the EPA (Economic Partnership Agreement), WTO (World Trade Organisation) and other international agreements.

“We’re going to have to find other ways to incentivise, facilitate local manufacturers without using tariff protection.”

Mr Turnquest suggested this would involve lowering energy costs, reducing raw

material costs and sourcing cheaper equipment. He added that concerns over the Budget’s tariff cuts on imported batteries were misplaced, given that they impacted products not made locally in the Bahamas.

The Bahamas has already signed on to the EPA with the European Union (EPA), and is still in the accession process for full WTO membership. The country’s entry into the world of liberalised, rulesbased trading regimes means it must significantly reduce or eliminate a number of tariffs, given that these are viewed as barriers to trade.

Apart from providing the Government with muchneeded revenue, part of the strategy in introducing Value-Added Tax (VAT) in 2015 was to provide the Government with a ‘number one’ revenue source to replace Customs duties

as the Bahamas becomes more deeply integrated into the world economy. As this happens, the VAT rate is likely to rise progressively.

Mr Miller, though, yesterday challenged this process as the rationale for introducing the manufacturerimpacting tariff cuts in the 2017-2018 Budget.

He emphasised that even if the Bahamas became a full WTO member, this nation would still be able to protect its domestic industries by ‘reserving’ certain sectors or products, and maintaining relatively high duty rates.

“I take the gravest exception to them talking about the WTO,” Mr Miller told Tribune Business. “I was the second [Bahamian] minister to go to the WTO, and I made a presentation. I made it clear the Bahamian people have a right to derogate certain products in the effort to impose WTO on

us.

“We reserve certain products. We are a small country, a small market; you can’t expect us to compete globally with these companies bigger than our country. That’s so unfair.”

Mr Miller said there were numerous examples where some of the WTO’s largest members, such as the US, Canada and the EU, had used tariffs to protect their domestic industries and companies against foreign rivals, enabling them to grow and become stronger.

“That’s what countries do,” he added. “You have an obligation to protect what is yours. Every country has a right to protect their home base industries, and everyone does it. Even those in the WTO protect their own country. All of them.

“It’s not fair for the giant to crush the David every day of the week because they have the capacity.”

GOP SENATORS COMPLAIN ON EVE OF HEALTH CARE BILL UNVEILING

By ALAN FRAM Associated Press WASHINGTON (AP) — Republican senators complained about their party’s secretive health care bill Wednesday, a day before GOP leaders planned to finally release their plan for erasing much of President Barack Obama’s health care law.

Senate Majority Leader Mitch McConnell was expected to push for a vote next week on the legislation, which would eliminate much of Obama’s 2010 overhaul and leave government with a diminished role in providing coverage and helping people afford it.

“We believe we can do better than the Obamacare status quo, and we fully intend to do so,” said McConnell, R-Ky. Facing unanimous Democratic opposition, Repub-

licans can only afford defections from two of their 52 senators to push the measure through the Senate. Enough of them have voiced concerns to leave the bill’s fate uncertain.

Among the critics has been Sen. Ron Johnson, RWis., who expressed doubts that there’d be enough time to study the bill’s impacts in time for a vote late next week.

“I’ve made leadership well aware of the fact that I need information to make the final decision. And if I don’t have the information to justify a yes vote, I won’t be voting yes,” he told reporters.

Moderate Sen. Susan Collins, R-Maine, said she had “no idea” if she’d back the legislation until she sees the language. She said an analysis of the bill by the nonpartisan Congressional Budget Office, expected Monday, would

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be “extremely important to me because I want to know the impact on coverage and on cost.”

The budget office concluded that the Houseapproved version of the bill would cost 23 million Americans health coverage by 2026.

On Tuesday, Sen. Ted Cruz, R-Texas, said that there’s “more work to do” before the bill adequately cuts premiums.

A second conservative, Mike Lee, R-Utah, complained about not seeing the legislation despite being on the working group of senators assigned to craft it and said lawmakers should have seen the measure “weeks ago” if they’re to vote next week. And another conservative, Sen. Rand Paul, R-Ky., said it would be “a non-starter” if the developing bill’s subsidies are as large as Obama’s.

Alaska moderate Lisa Murkowski said she didn’t

SENATE Minority Leader Chuck Schumer, D-N.Y., joined by, from left, Sen. Chris Coons, D-Del., Sen. Brian Schatz, D-Hawaii, and Sen. Jeanne Shaheen, D-N.H., speaks about the health overhaul following a closed-door strategy session at the Capitol yesterday. Senate Majority Leader Mitch McConnell says Republicans will have a “discussion draft” of a GOP-only bill scuttling former President Barack Obama’s health care law by Thursday. (AP Photo/J. Scott Applewhite) know how she’d vote, adding, “I have no idea what the deal is.” She has opposed past conservative efforts to include language

barring federal payments to Planned Parenthood, a group many Republicans abhor because it provides abortions.

McConnell’s ability to

line up votes is considered masterful, and he’s eager to pass legislation fulfilling a keystone campaign promise of President Donald Trump and countless GOP congressional candidates.

But as of now, victory is not guaranteed and he stopped short of definitely scheduling the vote for next week.

“It’s apparently being written by a small handful of staffers for members of the Republican leadership,” said Lee of the bill, using a Facebook video for an unusually public swipe at GOP leaders.

Democrats have also lambasted McConnell for writing the sweeping legislation in closed-door meetings. They unanimously oppose the GOP bill but lack the votes to defeat it. They fear McConnell will jam the legislation through the Senate with little debate, limiting their chance to scrutinize the bill and whip up opposition against it.

THE TRIBUNE

Thursday, June 22, 2017, PAGE 15

ENERGY STOCKS DIVE ANEW, OFFSET Share your news TECH GAINS; US INDEXES MIXED

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By STAN CHOE Associated Press NEW YORK (AP) — Energy stocks dove again on Wednesday as oil dropped to its lowest price since last summer, extending their dismal start to the year.

Gains for health care and technology stocks helped hem in losses for broader market indexes.

The Standard & Poor’s 500 index dipped 1.42 points, or 0.1 percent, to 2,435.61. The Dow Jones industrial average fell 57.11, or 0.3 percent, to 21,410.03, and the Nasdaq composite rose 45.92, or 0.7 percent to 6,233.95.

“The story truly is energy right now,” said JJ Kinahan, chief market strategist at TD Ameritrade.

Crude dropped for a third straight day and touched its lowest price since August on expectations that supplies of oil will far outweigh demand. Even a report showing that the amount of supplies in U.S. inventories shrank last week did little to alter the tide.

Benchmark U.S. crude lost 98 cents, or 2.3 percent, to settle at $42.53 per barrel. Brent crude, the international standard, fell $1.20, or 2.6 percent, to $44.82 a barrel.

The price of oil has now dropped more than 20 percent this year, breaking into what traders call a bear market. How much of an impact that will have on most 401(k) accounts will depend on how much it undercuts energy companies’ profits, and whether the pain will spill into other areas of the market.

Accelerating corporate profits and expectations that they’ll continue have been a big reason for the stock market’s rise this year, and energy companies had been forecast to

SPECIALISTS DAVID HAUBNER, Peter Mazza, and Anthony Rinaldi, foreground left to right, work on the floor of the New York Stock Exchange yesterday. Stocks are opening slightly higher on Wall Street, led by gains in health care and technology companies. (AP Photo/Richard Drew) provide some of the biggest gains.

“We’re in the warning area here, between $40 and $44,” Kinahan said of the price of oil. “If we get below $40, I think you’ll get people adjusting their expectations.”

Energy stocks in the S&P 500 tumbled 1.6 percent, a day after falling 1.2 percent.

They are down nearly 15 percent for the year, when the overall S&P 500 is up 8.8 percent.

Losses for the broad S&P 500 were milder on Wednesday because of strong gains for health care and technology stocks.

Red Hat, an open-source software company, surged to one of the biggest gains in the index after reporting better-than-expected earnings for its latest quarter.

Its forecast for revenue and earnings this fiscal year also topped analysts’ expectations. Its stock rose $8.62, or 9.6 percent, to $98.58.

La-Z-Boy jumped $5.80, or 22.1 percent, to $32.00 after reporting quarterly earnings that easily topped analysts’ expectations. Its customers have been shifting toward higher-priced and more profitable products for the company, such as leather.

In overseas markets, the Shanghai composite rose 0.5 percent after index provider MSCI said it will include 222 of what are called Chinese A-shares in its widely followed Emerging Markets index. The move, which will begin next year, will likely cause big shifts of money into mainland Chinese stocks by mutual funds and other investors that track the index.

MSCI has been considering including A-shares in its index for years but had demurred until now due to a range of concerns, such as how inaccessible they were for foreign investors. China has since started a “Stock

Connect” program that links mainland Chinese stocks with the Hong Kong market to make them more accessible, among other changes.

In Europe, France’s CAC 40 fell 0.4 percent, Germany’s DAX lost 0.3 percent and the FTSE 100 in London slipped 0.3 percent. In Asia, Japan’s Nikkei 225 index fell 0.5 percent, South Korea’s Kospi lost 0.5 percent and the Hang Seng in Hong Kong dropped 0.6 percent.

The 10-year Treasury yield held steady at 2.16 percent. The two-year yield dipped to 1.34 percent from 1.35 percent late Tuesday, and the 30-year yield fell to 2.73 percent from 2.74 percent.

The British pound rose to $1.2668 from $1.2629 late Tuesday. The euro rose to $1.1167 from $1.1128, and the dollar dipped to 111.34 Japanese yen from 111.41 yen.